CLYDE Blowers brought a ray of sunshine to the deals and dealmaking world in Scotland when it announced the acqusition of four US businesses in a Û1bn transaction.

The huge deal sees Clyde take over the entire fluid and power division of US Fortune 500 company Textron. The companies Clyde is buying are Swissbased Maag Pumps Systems, English firms David Brown Gear Systems and David Brown Hydraulics and Union Pumps from the US.

A group of major banks - Bank of Scotland, Barclays, HSBC and RBS - funded the deal with equity also provided by Clyde Blowers Capital Fund.

Jim McColl, Clyde Blowers chairman and chief executive, said: "I am absolutely delighted to sign a deal of this magnitude, especially in the current economic climate.

"We are talking a total value of Û1bn, including additional working capital, bonding facilities, the integration with Union Pumps of the Weir Pumps business - which was bought by Clyde last year - and payment of up to Û645m to Textron.

"It is a very substantial deal for a British company. I believe it is a great boost for British business.

"At a time when the news is all about foreign businesses coming to the UK and buying our biggest companies, here is a story of a British company having the clout to buy an entire division from a global company ranked 202nd in the American Fortune 500.

"It is remarkable, and testament to the growing strength of Clyde Blowers as a global company in our own right that we have been able to put together such a deal at this time.

"We look forward to working with our new colleagues to help them realise the potential in all these businesses."